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Solana experienced a moderate recovery after prolonged weakness, supported by increased activity in the chain. Increased network usage led to stronger performance metrics, which helped stabilize price action.
While SOL remains under pressure, increased transaction volume could put the altcoin on a short-term bull run if demand continues.
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Solana discredits CEX
Transgressions Solana’s performance for 2025 Many exchanges are centralized in terms of trading volume. According to researcher Artemis ZJ, decentralized exchange activity on Solana reached $1.6 trillion this year. This number ranks Solana second overall, behind only Binance, which recorded a turnover of $7.2 trillion.
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The data highlights the rapid growth in chain commerce. Solana surpassed Bybit, Coinbase Global, and Bitget in terms of total volume. Zhi Jie pointed out on the X program that Solana ranked fifth among the largest trading posts only a year ago.
“Just a year ago, Solana was fifth among the leading CEX. Today in 2025, it is in second place – just behind Binance, having just surpassed Bybit. With PropAMMs and CLOBs being a major growth story in the last months of Solana. It is hard not to be optimistic when looking to 2026 (typo),Zi Ji said.
Solana investors install the token on the ground
Despite strong trading volume indicators, valuation indicators raise caution. Solana’s network value to transaction ratio has steadily increased and is now at a seven-month high. Historically, rising NVT readings indicate downside risk, as market capitalization grows faster than actual transaction demand.
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This discrepancy suggests that the hype may be outpacing actual economic activity. When the value of the network expands without corresponding user growth, prices often face a correction. High NVT levels tend to precede bearish breakouts, putting pressure on… SOL recovery attempts In a short time.
Long-term carrier behavior provides a counterbalance to negative signals. The change in HODLer’s net position shows a remarkable change over the past week. After nearly four months of distribution, long-term holders are back in the pile.
This transition is important because long-term holders often stabilize the price during periods of volatility. Its renewed accumulation indicates Confidence in Solana’s long-term prospects. This support can help absorb selling pressure and limit downside risks despite mixed short-term indicators.
The final price may find a violation
Solana’s price is trading near $126 at the time of writing, and is facing resistance at this level. Even with the recent stabilization, the SOL remains on track to close in 2025 at around 33%. This context portrays the current recovery as corrective rather than trending.
short term, Solana can be tested Resistance near $130 if long-term bearer support. Without strong inflows from broader investors, the upside may be limited. Consolidation below $126 seems likely if momentum weakens.
Downside risks still exist. Failure to maintain support at 123 $ can see SOL Up to around $118. Such a move will invalidate the bullish thesis and reinforce the broader bearish structure until stronger demand returns.
